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Self-Employed Insurance Deduction: New IRS Form 7206, and Medical Reimbursement Plans

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, May 21, 2024

Recorded event now available

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This webinar will take a thorough look at the self-employed health insurance deduction. Our seasoned tax panelist will explain which plans and taxpayers qualify for the deduction, how to report the deduction in specific scenarios, including preparation of the new IRS Form 7206, and coupling insurance with a medical reimbursement plan.

Description

The self-employed health insurance adjustment continues to be one of the most lucrative deductions for self-employed taxpayers. Besides lowering taxable income, it is reported as a reduction to AGI (adjusted gross income), often allowing taxpayers to benefit from other tax offerings that are subject to AGI limitations. Despite being such a popular deduction, many misconceptions surround self-employed health insurance. And the reach of the expenses that qualify is much broader than many tax practitioners realize.

In addition to taxpayers who report their income on Schedule C, certain S corporation shareholders, partners, and even Schedule F filers can qualify for the deduction. For 2023, the IRS added Form 7206, Self-Employed Health Insurance Deduction, to determine and report the deduction. The instructions clarify that long-term care premiums can qualify as self-employed health insurance. Tax practitioners working with self-employed taxpayers and flow-through entities need to understand the far reach of this deduction and the relative guidelines.

Listen as Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP at Pon & Associates, reveals how to reap the benefits of as well as report the self-employed health insurance deduction.

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Outline

  1. Self-employed health insurance: introduction
  2. Eligibility
    1. Self-employed
    2. S corporation shareholders
    3. Partners
  3. Health insurance premiums
  4. Long-term care
  5. Medicare
  6. Spousal premiums
  7. Medical reimbursement plans
  8. Preparing Form 7206
  9. Reporting the adjustment
    1. Self-employed taxpayers
    2. S corporation shareholders
    3. Partners
  10. 10. Other considerations

Benefits

The panelist will review these and other critical issues:

  • Completing IRS Form 7206, Self-Employed Health Insurance Deduction
  • Coupling self-employed insurance with a medical reimbursement plan
  • Reporting the self-employed insurance deductions for self-employed taxpayers and flow-through entity owners
  • Which plans and expenses qualify for the self-employed insurance deduction

Faculty

Pon, Larry
Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP
CPA/PFS, CFP, EA, USTCP, AEP
Pon & Associates

Pon & Associates, a CPA firm,  has been proudly serving the San Francisco Bay Area since 1996. ...  |  Read More

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